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Binance Moves 127,000 Bitcoins As Part Of Its Reserves Audit

According to Binance CEO Changpeng Zhao, the crypto exchange is shifting substantial sums of cryptocurrency as part of its proof-of-reserve audits.

The transfer of such a big quantity of Bitcoin from the exchange to an unknown wallet today raised concerns within the cryptocurrency community about the nature of the transaction. Zhao clarified that the move is part of an ongoing audit at the exchange.

The exchange has sent 127,351 Bitcoin to demonstrate to an auditor that it controls the stated address. In response to the growing concern expressed in the comments, CZ issued another tweet:

Following the collapse of rival exchange FTX, Binance officially launched its first proof-of-reserves system last week, a prototype designed to demonstrate that it has sufficient reserves to cover all customer deposits. It is presently working on a more thorough audit.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.